Phelps 2020 Cannabis Trend Check
Here are the top 3 trends that should be influencing your decision on who to work with when choosing your next human capital partner. Whether you are embarking on a search, seeking new ways to harness change management strategies or identifying and working with emerging talent, we have deep expertise to ensure your goals are not just met, but exceeded.
Trend #1
A “brand new” industry with a little-to-no established workforce (think of the tech bubble before the crash in 2008 or the music industry experiencing digital disruption)
Human Resource Implication:
Identifying transferable skills will be important and recruiting may require convincing of more traditionally based candidates to make the move. Extra consideration will be required to determine if candidates will thrive in this business.
Trend #2
Cannabis industry organizational structures and positions are in their infancy. Many organizations are madly hiring without considering structure. Structures vary from traditional organizations.
Human Resources Implication:
Companies need a human resources partner who has knowledge of specialized functions to the industry and can define key leadership attributes that positively shape culture. It goes without saying heightened security implications means all staff will need to be aware of protocols and practices.
Trend #3
Most young companies are not cash rich; therefore, Board Governance is not as robust as it needs to be.
Human Resource Implication:
Instilling the need to create and disclose processes for Board stock ownership and self-evaluation will be vital as will moves to shift Board composition over time from investors to more independent directors. Developing culture, values and vision in organizations that are newly forming will also be a centerpiece of firms that rise to the top. Phelps Advisory services are rooted in understanding both the world of governance and the world of weed.
